My Generation X has been called the slacker generation. I think to outsiders, some of us may still appear to be lazy. Others might say we are lazy when we have simply learned to work smarter instead of longer. We know how to be productive working out of home offices instead of wearing power suits to the office.
When it comes to managing money, I've found I'm getting ahead by taking short cuts. I have learned to let my money work for me so I don't have to work as many hours.
One of the easiest ways to build wealth is to do something just once and rarely have to do it again. It's like putting down artificial turf once and never having to mow again. I set up automatic deductions to come out of my paycheck and be saved for retirement. I also set it up through on-line banking to move money from checking to savings every month. I'm able to save for the future without having to even think about it.
I don't procrastinate when it comes to paying bills, but I do when it comes to spending money. I put off purchases. Sometimes I'm feeling too lazy to go shopping. I take months and sometimes years before deciding on a major purchase such as new refrigerator or carpet. I put off buying a new car for several years, which saved me thousands of dollars. Turned out my old car wasn't on the verge of breaking down just because it had 200,000 miles on it.
Instead of working hard to figure out how to budget, make money or become successful, I find wealthy people and copy their formula for success. One of my friends made millions of dollars in real estate. I didn't copy him by flipping homes, but I did copy his underlying philosophy which is to have a passive income stream. My strategy was to invest in stocks that pay dividends. It's income I receive without having to hold down a job.
Ultimately, getting rich isn't as much about hard work as it is about patience. Sometimes, you have to wait for stocks to go up or for a house to appreciate in value. It's also about realizing there is no shame in using other people's talents and good ideas to become financially secure. After all, it's not a competition to see who can climb the corporate ladder or hoard all the gold. We can all get what we need in this life.
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- Banking & Budgeting